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Autopsy of Business Success

Autopsy of Business Success

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1. Autopsy of Business Success 2. What is success? Definition of success Performance of a business The expectations of the people about the venture 3. Major elements of business success Sound business concept Solid business plan Experience Management skills Planning Control Controlled growth 4. What is failure? Definition of failure Discontinuance of a business for any reason Bankruptcy Failing to make a go on Product Marketing Market Funding 5. Major reasons of business failure Poor business plan & strategy Poor preparation Poor people management Poor location Lack of expierence Management incompetency Poor financial control Lack of appropriate funding 6. Failure involves.... For the people Loss of dreams, ambitions,of the entrepreneur Loss of jobs of the employees Financial Capital (savings, FFF,) Banks, lending institutions Suppliers 7. Basics of business success Dont start a business with the wrong motivation Fail to prepare is prepare to fail! Be persistant Learn to be a good manager Look for the adequate funding Planning!! 8. Wrong motivation to start a business? 9. Stages in Entrepreneurial development 10. SUCCESSFUL in 10 STEPS 11. Successful in 10 steps STEP 1 Be an Inspiring and Motivating leader 12. Successful in 10 steps Step 2 Develop a clear vision Allows all members of the organisation to unite for a common cause 13. Successful in 10 steps Step 3 Know your market! Environmental analysis Economic development Demographic evolution of the target market Social Technical Political, legal & tax 14. Successful in 10 steps Step 4 Your competitors? Who are your real competitors? Potential competitors are all those fishing in the same pond 15. Successful in 10 steps Step 5 Strategy Business Plan For starting or fundamentally changing a business Game plan Is the translation of a business plan for the work floor 16. Successful in 10 steps Step 6 : Availability of Adequate Funds 17. Successful in 10 steps Step 7 Know the supply chain Is quality constant? Has supplier enough capacity? Is company stable? What about payment and delivery? 18. Successful in 10 steps Step 8 : USP USP 19. Successful in 10 steps Step 9 Know Your Customer! 20. Successful in 10 steps Step 10 Decision Making System o Describe the situation o Frame the right problem o Describe the end-state goals o Identify and evaluate alternatives o Identify and assess risks o Decide o Implement and evaluate 21. Entrepreneurial Consultants, Coaches & Trainers 2/F Chamber of Commerce Building JP Laurel Av Bajada Davao City Philippines [email protected] - [email protected]